Philipp Sinn had only 3 minutes to convince the jury of the Munich Business Plan Competition of the potential of his idea. It was enough: SINN Power was among the 10 winning startups in phase 1 of the competition and took home the 500 euros for the “promising business idea”.
While SINN Power scored with market potential and strategy in the Munich Business Plan Competition, the company left particularly positive impressions with its past achievements at theEnergy Start-up Forum in Berlin and the Green Innovation and Investment Forum (GIIF) in Stuttgart. Energy and cleantech startups from Germany and Europe had been nominated to pitch their company to investors.
On all three events, the unusual idea of wave energy from Bavaria triggered skeptical reactions at first. Rike Brand, Head of Marketing at SINN Power, contrasts the SINN Power approach with the experiences with earlier failed developers: “We are developing a smart ‘wave energy converter 2.0’ using the most modern simulation software. Our concept is entirely new: This way, we are able to generate electricity at a much lower cost and reach our goal faster at the same time.”
For the coming months, the founder team plans to participate in further competitions to promote SINN Power to venture capital investors. With a financing round in mid-2016, the team plans to raise capital for a pilot wave energy converter in late 2016 and the market entry in 2017.